ESG: Environmental, Social, Governance
The European Union’s objective of achieving climate neutrality by 2050 is linked to an estimated mobilization of investments of at least €1 trillion. Within this context, the contribution of the private sector is already recognized as critical, as businesses are called upon to implement ambitious and demanding transition plans in an environment characterized by overregulation and, often, disproportionate liabilities placed on corporate management. A key priority is to ensure that companies are able to maintain or expand their customer base, without weakening the regulatory framework that safeguards independence, integrity, and transparency.
The disclosure of information regarding business strategy and performance across the three pillars of Environmental, Social, and Governance (ESG) provides an essential assessment tool for global supply chains, as well as for financing and investment opportunities. It has long constituted a best practice for businesses and is now also a requirement under new regulatory frameworks, such as the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD).
Investing in the integration of ESG objectives and practices creates added value for businesses, strengthening corporate reputation and fostering trust-based relationships between companies, customers, employees, society, and stakeholders more broadly.
- Providing guidance on ESG criteria increasingly introduced by markets as prerequisites for investments, financing, and participation in supply chains.
- Developing initiatives and providing tools to support the integration of ESG into corporate governance, strategy, risk and opportunity management, and corporate sustainability reporting.
- Contributing to the shaping of public policy and international standards in the relevant fields.
- Continuously monitoring the national regulatory framework for corporate governance, as well as related European regulatory developments.
SEV closely monitors developments across the full spectrum of regulatory initiatives shaping sound corporate culture, including the adoption of ESG criteria, integrity, accountability, and, more broadly, organizational trust. It undertakes initiatives aimed at informing and raising awareness among businesses on issues such as regulatory compliance, internal audit, and risk management. At the same time, the SEV Business Council for Sustainable Development actively participates in the public dialogue on Sustainable Finance and the EU Taxonomy.
SEV emphasizes the need for a simple and clear framework with fair and proportionate rules – particularly regarding the liabilities and responsibilities of corporate management – as a prerequisite for a stronger and more competitive business and investment environment. In this context, SEV remains at the forefront, supporting both listed and non-listed companies in their compliance efforts through initiatives such as:
- Conducting a survey on the readiness of businesses to comply with the new corporate governance law, in collaboration with ENEISET, ESED, and KPMG.
- Organizing a series of online workshops entitled “The Internal Control System: A Key Pillar of Corporate Governance.”
- Holding a digital workshop on “The challenges and opportunities arising from the obligation of listed companies’ Boards of Directors to comply with the new Corporate Governance framework.”
The Hellenic Corporate Governance Council (HCGC) is an initiative launched by SEV and the Athens Exchange Group, later joined by the Hellenic Bank Association and Growthfund. The mission of the HCGC is to promote the principles of good corporate governance and strengthen the credibility of the Greek market. Its main priorities include drafting and promoting the Hellenic Corporate Governance Code, monitoring and evaluating its implementation, and continuously adapting it to the evolving conditions and requirements of both the international and domestic markets.
ESG Committee: Responsible for defining and coordinating the necessary actions related to ESG matters. Experts and professionals from leading companies and institutions with a prominent role in the field work together to formulate policy proposals and facilitate the dissemination of best practices, with the aim of promoting core ESG principles and practices, as well as ideas and solutions for effective compliance with the relevant regulatory framework.
